Gar Wood Launches Multi-Strat FoF

Mar 23 2007 | 11:30am ET

Chicago-based Gar Wood Capital will on May 1 launch its maiden fund, the Gar Wood Fund, a multi-strategy fund of hedge funds, with $30 million in assets.

The fund will feature a stable of 35 managers with strategies including equity long/short, fixed-income, distressed/event-driven, emerging markets and multi-strategy. “We’re looking for managers putting out consistent returns with low drawdowns,” said Samuel Wegbreit, Gar Wood’s co-founder and portfolio manager.

“In that regard, it is harder to find those types of managers in the long/short and macro area as well as CTAs,” he said. “It’s been easier for us to find credit managers with consistent returns and low drawdowns. This means we’re just going to have to work a little harder to find managers in those areas that meet our needs.”

Gar Wood targets managers with long track records managing a minimum of $500 million in assets either in their current funds or in previous funds. “We’re really not paying too much attention to startups,” said Wegbreit.

The new fund of funds charges a 0.5% management fee and 15% performance fee, and has minimum investment requirement of $1 million.

Wegbreit, co-founder of Oak Ridge Investments, teamed up with Robert Jersey, former head of ABN Amro’s prime brokerage, to launch Gar Wood in January.

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